{
  "units": {
    "currency": "constant 2026 rand unless stated",
    "usd_zar_model_rate": 18.0
  },
  "ladder": [
    {
      "stage": "44% ore",
      "output_t": 2273,
      "price_usd_t": 200,
      "local_share": 0.65,
      "sales_usdm": 0.4546,
      "local_value_usdm": 0.29549000000000003
    },
    {
      "stage": "HPMSM",
      "output_t": 3125,
      "price_usd_t": 1800,
      "local_share": 0.45,
      "sales_usdm": 5.625,
      "local_value_usdm": 2.53125
    },
    {
      "stage": "Cathode material",
      "output_t": 8850,
      "price_usd_t": 15000,
      "local_share": 0.28,
      "sales_usdm": 132.75,
      "local_value_usdm": 37.17
    },
    {
      "stage": "Battery cells",
      "output_gwh": 4.545,
      "price_usd_kwh": 80,
      "local_share": 0.2,
      "sales_usdm": 363.6,
      "local_value_usdm": 72.72000000000001
    },
    {
      "stage": "Pack / system",
      "output_gwh": 4.545,
      "price_usd_kwh": 120,
      "local_share": 0.32,
      "sales_usdm": 545.4,
      "local_value_usdm": 174.528
    }
  ],
  "modules": [
    {
      "stage": "Ore extraction",
      "scale": "5 Mt ore/y",
      "capex": 10.0,
      "sales": 18.0,
      "exports": 15.0,
      "value": 9.0,
      "jobs": 2000,
      "energy": 300,
      "water": 2.5,
      "freight": 5.0
    },
    {
      "stage": "High-purity Mn",
      "scale": "100 kt/y",
      "capex": 8.0,
      "sales": 4.0,
      "exports": 3.6,
      "value": 1.8,
      "jobs": 500,
      "energy": 700,
      "water": 0.5,
      "freight": 0.15
    },
    {
      "stage": "HPMSM",
      "scale": "30 kt/y",
      "capex": 4.5,
      "sales": 0.972,
      "exports": 0.9,
      "value": 0.437,
      "jobs": 180,
      "energy": 90,
      "water": 0.18,
      "freight": 0.035
    },
    {
      "stage": "pCAM / CAM",
      "scale": "20 kt/y",
      "capex": 7.0,
      "sales": 5.4,
      "exports": 4.0,
      "value": 1.5,
      "jobs": 450,
      "energy": 50,
      "water": 0.1,
      "freight": 0.025
    },
    {
      "stage": "Battery cells",
      "scale": "5 GWh/y",
      "capex": 18.0,
      "sales": 7.2,
      "exports": 2.5,
      "value": 1.44,
      "jobs": 900,
      "energy": 200,
      "water": 0.1,
      "freight": 0.1
    },
    {
      "stage": "Packs / systems",
      "scale": "2 GWh/y",
      "capex": 3.0,
      "sales": 4.32,
      "exports": 1.0,
      "value": 1.51,
      "jobs": 500,
      "energy": 20,
      "water": 0.02,
      "freight": 0.05
    },
    {
      "stage": "Recycling",
      "scale": "10 kt feed/y",
      "capex": 2.0,
      "sales": 0.54,
      "exports": 0.2,
      "value": 0.32,
      "jobs": 250,
      "energy": 25,
      "water": 0.03,
      "freight": 0.01
    }
  ],
  "hpmsm_break_even": {
    "central_capex_r_bn": 4.5,
    "capacity_t_y": 30000,
    "opex_usd_t": 1100,
    "at_75_percent_utilisation_usd_t": 2453.9,
    "at_90_percent_utilisation_usd_t": 2228.3
  },
  "africa_demand_scenarios_gwh": {
    "2030": {
      "low": 5,
      "central": 12,
      "high": 25
    },
    "2040": {
      "low": 15,
      "central": 45,
      "high": 90
    },
    "2050": {
      "low": 30,
      "central": 90,
      "high": 180
    }
  },
  "notes": [
    "Model outputs are scenarios, not forecasts or investment advice.",
    "Product ladder end points are alternative system boundaries and must not be summed.",
    "Module scales are independent; employment is direct operating employment only."
  ]
}